Almost every American worker can get Social Security benefits in their retirement by making payroll tax contributions. If you qualify, you get monthly Social Security payments starting as early as age 62. Not everyone gets Social Security, like some Parent Providers, but you may still qualify for a spousal benefit if you are married.

Here are 3 simple tips to help you understand Social Security and plan for your retirement:

1. See if you qualify. You can see if you are paying into Social Security by looking at your pay stub. If there is money entered under “Social Security Employee Tax” then you should have Social Security.* Learn more about the Social Security Retirement benefit.
2. Use this easy-to-use Social Security calculator. Enter your birth date and your income to see how much you could get from Social Security and how old you will be when you can start getting your full monthly payment.
3. If you are ready to retire, create a my Social Security account to apply.

*If you do not qualify for Social Security, consider opening an IRA through Washington’s Retirement Marketplace. It’s easy and affordable!

Opening an Individual Retirement Account (IRA) is an easy way to save more money for your retirement – on top of what you get through your SEIU 775 Secure Retirement Plan (SRP). You can open an IRA yourself with as little as $5 through Washington’s Retirement Marketplace, a trusted retirement partner.

The money you add to your IRA will earn interest and add up over time.

Why open an IRA?

• It’s just $5! It’s easy and affordable to open an IRA.
• Your money grows over time. Even if you can only put a small amount of money in your IRA each month, over time it can add a lot of money to your retirement.
• Have many sources of retirement income. The SRP is only one source of income you have when you retire. Saving your own money through an IRA can help you retire more comfortably.

Learn more about opening an IRA through Washington’s Retirement Marketplace, a trusted resource.

Opening and contributing to a personal savings account is another important part of retiring. Saving as little as $5 each month can make a big difference by the time you are ready to retire.

It can be hard to plan for emergencies and unexpected costs like veterinary bills or car problems, let alone retiring. But, if you take some steps to plan, you can avoid having those expenses become a heavy burden.

Here are 4 tips to help you get started on your personal savings and saving for emergencies:

• Create a budget. Start by comparing how much money you earn each month versus how much you spend in a typical month. Then you can decide what you can spend less on, and how much money to put into a savings account.
• Set up automatic savings with your bank. You can decide how much and how often to save. Even saving as little as $5 each month can add up over time.
• Limit credit card use. Credit cards can be helpful in emergencies, but it can be easy to overspend and you may end up paying more in interest. When you have a savings account set up for emergencies instead, it could help you save money overall.
• Compare monthly expenses. Check if you qualify for a lower car insurance rate or try switching to a less expensive phone plan. The money you save could be put directly into your savings account!

The Saver’s Tax Credit reduces your income tax bill by giving you credits for money you contribute to a retirement savings account. If you qualify, you could get up to $1,000 in tax refund credits.

The credit is worth up to $1,000 or $2,000, depending on income and marital status.

You must make contributions to a retirement account like an individual retirement account (IRA), be over the age of 18, and meet income requirements.